Cyclebit Group entered into a non-binding letter of intent to acquire Alpha Star Acquisition Corporation through a reverse merger.

Cyclebit Group entered into a non-binding letter of intent to acquire Alpha Star Acquisition Corporation (NasdaqGM:ALSA) through a reverse merger on September 13, 2022. Upon completion, Alpha Star Acquisition and Cyclebit would become a combined entity. The transaction is subject to board and shareholders approval of both companies, regulatory approvals and other customary conditions.

Furthermore, transaction is subject to execution of a definitive agreement, which is expected in the fourth quarter of 2022. As of October 14, 2022, Alpha Star has deposited into the ALSA's trust account in order to extend the period of time ALSA has to consummate a business combination by one month to November 15, 2022.